We apply a classic value investing approach to be able to deliver results

Global Network

We identify ways to help capture value around the globe, one market at a time

Real estate investing is an intensely local pursuit. Tenants typically make decisions based on local conditions, and owners (particularly those under duress) often prefer to trade with those they know well. Our team has spent decades evaluating real estate opportunities and investment managers around the world. We use great care to select experienced, local, focused managers with in-depth knowledge of their markets. 

We evaluate hundreds of prospective fund managers each year in order to select a small number for inclusion in our commingled funds and customized vehicles, and cover all major regions: North America, Europe, Asia/Pacific, and Latin America.

We believe that smaller, focused managers have competitive advantages to be able to achieve attractive returns due to the following:

  • The creation of value at the property level is inherently a very local business. Focused, local managers utilize direct networks to source deals and tenants, and experience to know what works in their markets operationally, physically, and financially. 
  • Within smaller investment platforms, the senior managers who are typically responsible for creating the track records tend to be very actively involved with their assets in a hands-on way. They typically cultivate more entrepreneurial cultures in their organizations and their teams tend to remain "hungry."
  • We find that our interests can be more strongly aligned with smaller managers through their general partnership co-investments and back-ended compensation structures, particularly in cases where the subject fund series is the firm’s only line of business.

We have repeatedly seen small, focused managers outperform large, less specialized managers in sourcing deals, acquire assets at attractive cost bases, generate cash flow growth and, ultimately, delivering attractive risk-adjusted returns for our investors.*

 

*Past performance is not indicative of future results.